CHENNAI: Technology firms will continue to drive the office space sector in Old Mahabalipuram Road and Mount Poonamallee Road next year, according to an outlook for the coming year released by commercial real estate services and investment firm CBRE.
The report also said that backed by favourable policy initiatives and growing investments, space take-ups by engineering and manufacturing, and banking, financial services, and insurance (BFSI) firms are expected to gain momentum. “Fresh supply addition is expected to be concentrated in non-SEZ developments, especially along Old Mahabalipuram Zone, Mount Poonamallee Road and Central Business district, according to the outlook on real estate sector for 2023 -- residential, retail, office, retail, investments, industrial & logistics.
Anshuman Magazine, chairman and chief executive officer - India, South-East Asia, Middle East & Africa, CBRE states that the residential sector in the South and West Chennai micro-markets supported by upcoming infrastructure and the demand from employees working in tech firms and the industrial zones expected to dominate both sales and new launches.